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Oil cheaper on Thursday evening because of the strengthening of the dollar

Oil prices fell on Thursday's evening trades against the backdrop of the strengthening of the dollar.

24.Aug.17 2:50 PM
By Daria Zaytseva


Oil cheaper on Thursday evening because of the strengthening of the dollar
By 17.35 GMT, futures for Brent crude oil fell 0.82 percent to $ 52.14 per barrel.

Futures for U.S. crude WTI by this time traded at $ 47.76 per barrel, 1.34 percent lower than the previous close.

The dollar strengthened on Thursday against the basket of major currencies in the run-up to the banking symposium held under the aegis of the U.S. Federal Reserve in Jackson Hole. The focus of market players is the speech by the head of the U.S. Federal Reserve, Janet Yellen, and the head of the European Central Bank, Mario Draghi.

Among other pressure factors, analysts call the increase in oil production in the U.S., which last week increased to 9.53 million barrels per day, according to the Energy Information Administration (EIA). This is the highest level since July 2015 and an increase of more than 13 percent since the middle of last year.

During the previous trading session, support for quotations was the reduction in oil and gasoline reserves in the U.S., as well as possible interruptions in the extraction of raw materials in the Gulf of Mexico because of the storm that stormed there Harvey.

A number of companies, including Shell, Anadarko Petroleum and Exxon Mobil, have already taken measures to limit oil and gas production on some platforms.

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